Financial land and other measures are systematically exerted-

　　The property market is not slack in regulation and control will focus on stability throughout the year

　　Our reporter Kang Shu

　　Since the end of last year, the real estate market in individual cities has heated up.

In response, many places have introduced real estate market control policies, from cracking down on speculation and speculation, to financial and credit policies, and then to changes in land transfer rules. The regulation has been continuously improved and refined, and it is expected to stabilize the overheating of the property market in individual cities. The situation has played a role, and the property market will remain stable throughout the year.

　　Housing prices in individual cities have risen steadily

　　In January 2021, among the 70 large and medium-sized cities, 53 of the cities where the price of newly built commercial housing increased compared with the previous month.

In terms of second-hand housing, the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen saw a significant month-on-month increase.

　　With the changes in the market, Hangzhou, Beijing, Shenzhen, Jiangsu, Jiangxi, Shanghai and other places have introduced property market control policies for some time. Measures include preventing false divorces from obtaining housing qualifications, cracking down on illegal capital freezing, containment of operating loans, and raising mortgage interest rates Etc., mainly to combat and curb speculation in the market.

　　From the "14th Five-Year Plan" proposal, to the Central Economic Work Conference at the end of 2020, and to the multiple statements of relevant authorities, all signals have been unwavering to insist on real estate regulation.

Liu Hongyu, director of the Real Estate Research Institute of Tsinghua University, believes that the state will adhere to the continuity and stability of real estate regulation and control policies, steadily implement a long-term real estate regulation and control mechanism, and continuously optimize and perfect the policy toolbox in practice.

　　Local governments have successively introduced regulatory measures to continuously release signals that regulatory measures will be introduced once housing prices rise.

At the same time, regulatory policies are constantly being patched, and in the future, the pertinence and accuracy of regulation will continue to improve.

　　Financial and credit control cost round focus

　　"Real estate is the biggest'grey rhino' in terms of financial risks in my country at this stage." Yu Xiaofen, vice president of Zhejiang University of Technology, said that the current degree of financialization in my country is too high, which is reflected in the high proportion of real estate in bank credit and the high debt ratio of real estate companies , The household debt ratio has grown too fast.

　　From the second half of last year to the present, a prominent feature of the real estate regulation is the introduction of more financial and credit policies.

　　In August 2020, the Ministry of Housing and Urban-Rural Development and other departments formed the capital monitoring and financing management rules for key real estate companies, and the "three red lines" (the asset-liability ratio of the real estate enterprise after excluding the advance payment shall not exceed 70%; the net debt ratio of the real estate enterprise shall not exceed 100 %; the "short-to-cash debt ratio" of real estate companies is less than 1) has become an important rule for regulating the financing of real estate companies.

　　At the end of 2020, the Central Bank and the China Banking and Insurance Regulatory Commission issued the "Notice on Establishing a Real Estate Loan Concentration Management System for Banking Financial Institutions", setting the upper limit of the proportion of real estate loan balance and the upper limit of the proportion of personal housing loan balance, aiming to increase the financial leverage in the real estate sector Control within a reasonable range.

　　Through the adjustment of credit policies, all localities have also increased the supervision of housing funds.

Industry insiders generally predict that the main battlefield of real estate market regulation shifts to the financial credit field, which will have a substantial impact on the real estate market.

Strengthening the supervision of housing purchase funds will effectively curb the entry of investors and stabilize the market's bullish expectations.

　　Guide rational competition in the land market

　　Recently, the Qingdao Municipal Bureau of Natural Resources and Planning announced that in order to guide rational competition in the market, the “two centralizations” of residential land shall be strictly implemented for the simultaneous public transfer of residential land. The public announcement of residential land will be issued and implemented in three batches throughout the year. Bidding, auctioning and listing activities.

　　On February 26, the person in charge of the Department of Natural Resources Development and Utilization of the Ministry of Natural Resources stated that this year requires all localities to further reasonably and appropriately concentrate information on residential land transfers. Key cities should centrally announce and supply residential land to allow various market players and consumers. Fully grasp information and form reasonable expectations.

　　According to Chen Xiao, an analyst at the Zhuge Real Estate Data Research Center, “organizing a large number of plots in the same period for centralized listing and transfer” will have a certain diversion effect on the funds of real estate companies, reducing the number of real estate companies bidding on the same land and indirectly reducing the land price. The intensity of the auction will avoid overheating, and the land premium rate will be effectively and reasonably controlled.

At the same time, for real estate companies, it will accelerate the differentiation between real estate companies. Large-scale real estate companies with strong capital are more capable of participating in the auction of multiple plots and have more land acquisition opportunities.

　　The policy analysis article of the E-House Research Institute pointed out that the centralized land supply policy can help reduce land scramble and promote the stability of land transaction markets in various regions. In essence, it is also an important manifestation of "stabilizing land prices, housing prices, and expectations".